EM’s had another rocky week, but managed to end on a slightly firmer note Friday. Market repricing of Fed tightening risk was the big driver last week, and that could carry over into this week.There are several Fed speakers in the days ahead, capped off with Fed chief Yellen on Friday. 

Several EM central banks meet this week, including Israel, Turkey, Hungary, and Colombia.There is some risk of a dovish surprise from Turkey, while Hungary is expected to continue easing.Colombia is an outlier, with high inflation seen leading to another 25 bp hike. 

Singapore reports April CPI Monday, which is expected at -0.7% y/y vs. -1.0% in March.  It then reports April IP Thursday, which is expected at -0.3% y/y vs. -0.5% in March.Deflation risks may be easing, but the economy continues to slow.If weakness persists over the summer, then another easing move at the October MAS policy meeting is possible.

Taiwan reports April industrial output Monday, which is expected at -1.8% y/y vs. -3.6% in March.  Last week, Taiwan reported April export orders at -11.1% y/y, which suggests little relief ahead for IP and exports.The growth outlook remains weak, and so the central bank is likely to continue cutting rates at its quarterly policy meeting in June.

Israeli central bank meets Monday and is expected to keep rates steady at 0.10%. Deflation worsened to -0.9% y/y in April, while Q1 GDP growth was much weaker than expected at 0.8% annualized. As such, there is growing risk that the Bank of Israel will have to take further measures in H2 to boost the economy. For now, officials will be happy with recent shekel weakness. The central bank had been intervening to prevent strength in recent months, but the shekel has underperformed recently due to rising political risks.

Turkish central bank meets Tuesday and is expected to cut the overnight lending rate 50 bp to 9.5%. However, the benchmark rate is seen remaining steady at 7.5%.Price pressures are easing and so there is a case for easing policy.but the government should refrain from any sort of jawboning.

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